Renegade
12-19-2008, 07:12 AM
Fri Dec 19, 2008 2:35am EST
By Richard Cowan and Lisa Lambert
WASHINGTON (Reuters) - Democratic congressional leaders were negotiating details Thursday of a huge plan to jolt the American economy, including $85 billion for road, water and other construction projects in a bill that could total at least $600 billion.
Senior Democratic aides in the House of Representatives and Senate said the overall price tag of an economic stimulus plan had not yet been settled.
But one government official said a bill in the range of $675 billion to $775 billion over two years was being considered.
House Speaker Nancy Pelosi said Monday she thought "consensus" would likely emerge around a bill in the range of $600 billion, with some of the money spent in 2009 and some later.
She noted there were pressures for even more spending.
A senior Senate Democratic aide, who asked not to be identified, said that given the downward slide of the economy, the legislation "has to be on the higher end" of the $500 billion to $700 billion range.
Congress is likely to try to pass legislation in January and is working closely with President-elect Barack Obama's transition team on the specifics.
The new Democratic-led Congress will be seated on January 6, giving lawmakers a two-week head start on writing bills before Obama, a Democrat, takes over the White House from Republican President George W. Bush.
Early this year, Bush and Congress enacted a two-year, $168 billion economic stimulus bill composed mainly of tax cuts for families and tax breaks for small businesses.
But as the grip of the yearlong recession has rippled through the economy, Democrats have been clamoring for another round of emergency funds to help reverse the situation that has brought rising unemployment and major industries to the brink of collapse.
Minnesota Rep. James Oberstar, a Democrat who chairs the House Transportation and Infrastructure Committee, said he and party leaders were finalizing plans to spend $85 billion on transportation and public works projects. Those would upgrade crumbling roads, bridges, sewers and other aging infrastructure.
Oberstar said the bill's language would require that federally funded projects "can be started with people on the construction site working in 90 days."
"OUT OF THE DITCH"
Rep. Bart Gordon, chairman of the House Science and Technology Committee, told reporters the economic stimulus package would likely have billions of dollars to spur research in nanotechnology that could be applied to energy projects. Nanotechnology involves developing highly efficient materials or devices on a microscopic scale.
The Tennessee Democrat said money would also be included to improve the nation's Internet capability and monitor climate change.
Sen. Robert Casey, a Pennsylvania Democrat, told reporters, "If the president-elect and his team think we need $850 billion, I'll support that." He added, "There may be cuts we want to make (in Congress) or changes."
He also said an aggressive economic stimulus bill was needed to "get this car (the U.S. economy) out of the ditch and get it back on the road."
Besides large investments in road building, water projects and other infrastructure, the gigantic spending bill is expected to contain a middle-class tax cut and more federal money to help the poor pay winter heating bills and buy food.
Scores of other undertakings could be included, from beefed-up law enforcement to expanding loans to small business and helping those facing mortgage foreclosures stay in their homes.
House and Senate leaders have said they would try to pass the economic stimulus bill in January, possibly even having it on Obama's desk his first day in office, January 20.
(Editing by Peter Cooney)
http://www.reuters.com/article/newsOne/idUSTRE4BI04320081219?sp=true
By Richard Cowan and Lisa Lambert
WASHINGTON (Reuters) - Democratic congressional leaders were negotiating details Thursday of a huge plan to jolt the American economy, including $85 billion for road, water and other construction projects in a bill that could total at least $600 billion.
Senior Democratic aides in the House of Representatives and Senate said the overall price tag of an economic stimulus plan had not yet been settled.
But one government official said a bill in the range of $675 billion to $775 billion over two years was being considered.
House Speaker Nancy Pelosi said Monday she thought "consensus" would likely emerge around a bill in the range of $600 billion, with some of the money spent in 2009 and some later.
She noted there were pressures for even more spending.
A senior Senate Democratic aide, who asked not to be identified, said that given the downward slide of the economy, the legislation "has to be on the higher end" of the $500 billion to $700 billion range.
Congress is likely to try to pass legislation in January and is working closely with President-elect Barack Obama's transition team on the specifics.
The new Democratic-led Congress will be seated on January 6, giving lawmakers a two-week head start on writing bills before Obama, a Democrat, takes over the White House from Republican President George W. Bush.
Early this year, Bush and Congress enacted a two-year, $168 billion economic stimulus bill composed mainly of tax cuts for families and tax breaks for small businesses.
But as the grip of the yearlong recession has rippled through the economy, Democrats have been clamoring for another round of emergency funds to help reverse the situation that has brought rising unemployment and major industries to the brink of collapse.
Minnesota Rep. James Oberstar, a Democrat who chairs the House Transportation and Infrastructure Committee, said he and party leaders were finalizing plans to spend $85 billion on transportation and public works projects. Those would upgrade crumbling roads, bridges, sewers and other aging infrastructure.
Oberstar said the bill's language would require that federally funded projects "can be started with people on the construction site working in 90 days."
"OUT OF THE DITCH"
Rep. Bart Gordon, chairman of the House Science and Technology Committee, told reporters the economic stimulus package would likely have billions of dollars to spur research in nanotechnology that could be applied to energy projects. Nanotechnology involves developing highly efficient materials or devices on a microscopic scale.
The Tennessee Democrat said money would also be included to improve the nation's Internet capability and monitor climate change.
Sen. Robert Casey, a Pennsylvania Democrat, told reporters, "If the president-elect and his team think we need $850 billion, I'll support that." He added, "There may be cuts we want to make (in Congress) or changes."
He also said an aggressive economic stimulus bill was needed to "get this car (the U.S. economy) out of the ditch and get it back on the road."
Besides large investments in road building, water projects and other infrastructure, the gigantic spending bill is expected to contain a middle-class tax cut and more federal money to help the poor pay winter heating bills and buy food.
Scores of other undertakings could be included, from beefed-up law enforcement to expanding loans to small business and helping those facing mortgage foreclosures stay in their homes.
House and Senate leaders have said they would try to pass the economic stimulus bill in January, possibly even having it on Obama's desk his first day in office, January 20.
(Editing by Peter Cooney)
http://www.reuters.com/article/newsOne/idUSTRE4BI04320081219?sp=true